Marketing mix modeling for pharmaceutical companies on the basis of data science technologies
Journal Title: ACCESS: Access to science, business, innovation in the digital economy - Year 2021, Vol 2, Issue 3
Abstract
The article contains the results of Data Science technologies application (including machine learning and regression analysis) to modelling the results of marketing activities of key brand of one of the Ukrainian pharmaceutical companies on the basis of historical data for the period from 2015 to 2019 in weekly detail. The main goal of research is to estimate the influence of key elements of the marketing mix (penetration of pharmacy chains, price policy vs main competitors, advertising activity of the brand and its competitors in all communication channels (television, Digital, radio, outdoor advertising, press)) on company’s sales, volume market share and value market share in relevant segment of drugs. Based on the results obtained, the article explains in detail the impact of penetration, price policy and media activity on the competitiveness of the enterprise and its position in the market. The influence of the price policy and penetration directly on sales (market share), as well as on other factors (including the effectiveness of the brand's advertising activity on television) is estimated and taken into account for development the effective marketing strategy. Based on the research, the article contains main recommendations for optimizing the marketing strategy to maximize the company's sales and increasing market share in monetary or physical terms. Data Science technologies become a tool for sales management, because it creates the ability to quantify the impact of each factor on sales, determine their optimal combination for achievement of business goals and strengthening the company's position in the market, effective marketing budgets distribution and scenario forecasting. Continuous model support allows to increase the return on each factor, improve return on investment and ensure the achievement of business goals in the most efficient way. Data Science forms the basis for finding effective marketing solutions and forming an effective business development strategy.
Authors and Affiliations
Galyna CHORNOUS, Yana FARENIUK
Keywords
Related Articles
- EP ID EP696898
- DOI https://doi.org/10.46656/access.2021.2.3(6)
- Views 133
- Downloads 0
To the question of the importance of combating the shadow economy in Russia
In their history, many countries of the world had to go through a stage of stagnation. Thus, the UK faced this problem in the 1960s–1970s, the USA in 1970–1982, and in Russia this stage began in 2013 and continues to thi...
DEVELOPMENT MANAGEMENT AND FORECASTING IN A GREEN INNOVATIVE ECONOMY BASED ON THE INTEGRAL DYNAMICS MODEL IN THE CONDITIONS OF "INDUSTRY - 4.0"
In modern conditions of instability, systematic crises and global transformations the problem of developing methods and technologies for analysis, modeling, management, forecasting and decision making for stable developm...
Innovations as the main challenge in the field of health tourism in Latvia
Globalization is the process which takes places in the modern world, fierce competition in the tourism market, growing demand for tourists, changing tourist preferences, development of information technologies – need poi...
Theoretical and applied aspects of basic R&D during the period of transition to post-industrial knowledge economy
The subject of the study are theoretical and applied aspects of the implementation of fundamental R&D (FR&D), the essence of which is the constant expansion of resources of social consumption and the formation of high-ri...
Book & Library international searching the world's libraries (Monograph Review by author: Jan-Urban SANDAL)
It is an honor to review the book “Books & Library International Searching of the World’s Libraries”. This is one of the books that should be voted as a must-read for citizens of our planet. It is a kind of surprising an...